Last year, CHI and Coastal signed a memorandum of agreement for the development of a 46-hectare property in Liloan, Cebu into a master-planned residential community.
In a disclosure to the Philippine Stock Exchange, CHI said the project will set another trend in real estate development in Cebu.
"The project is envisioned to provide the ideal residential enclave of living near the sea to nurture relationships with family, neighbors and friends. The scenic seaside ambience will be complemented with features and amenities that are not yet found in any residential project in this part of the country," CHI said.
CHI is optimistic Cebu is ready for new property development projects this year in view of the success of Ayala-initiated projects in Luzon and in Bacolod City in Negros Occidental (Western Visayas) despite a generally soft real estate market.
CHI’s first project is the development of Cebu Business Park — the largest integrated prime business district in Cebu. Serving as the centerpiece of the CBP is Ayala Center – the preferred shopping and entertainment destination in the Visayas and Mindanao.
CBP is also the site of the Cebu City Marriott Hotel, the first businessman’s hotel managed by world-renowned Marriott International.
Among CHI’s other projects are the Cebu Holdings Center, the company’s first office – condominium; the Ayala Life-FGU Center Cebu – in partnership with Ayala Life Assurance Co. Inc. and FGU Insurance Corp.
CHI also pioneered the development of high-rise residential condos in Cebu. Its first project, Park Tower One – was a bestseller in 1996 that CHI decided to build Park Tower Two in 1997.